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Ceigall India rises on bagging Rs 1,369-cr solar power PPAs with MSEDCL

25-Mar-26 15:01 Hrs IST

The agreements cover the development of solar photovoltaic projects totaling 337 MW under the Mukhyamantri Saur Krushi Vahini Yojana 2.0 (MSKVY 2.0).

The first project, with 190 MW across four districts, has an EPC cost of about Rs 772 crore, while the second, 147 MW project spanning two districts, carries an EPC cost of Rs 597 crore. The combined EPC value is approximately Rs 1,369 crore.

Both projects, scheduled for completion in 18 months, include engineering, procurement, and construction (EPC) as well as operations and maintenance, with power to be supplied under long-term PPAs for 25 years at tariffs of Rs 2.72'Rs 2.84 per unit for the 190 MW project and Rs 2.86 per unit for the 147 MW project.

The company confirmed that neither the promoter nor promoter group has any interest in the awarding entity, and the contracts do not constitute related party transactions.

Ramneek Sehgal, chairman & managing director (MD), Ceigall India, said: 'We are building Ceigall into a scaled renewable platform with the ambition to be among the most credible infrastructure players in India's energy transition. These PPAs mark a decisive step in building a scaled, long-duration renewable energy platform for us. We are prioritising assets and opportunities that combine execution visibility with long-term annuity-style returns. As India accelerates its clean energy transition, we are positioning ourselves not just as an EPC player, but as a credible developeroperator with the capability to deliver, own, and manage large renewable assets over decades.'

Meanwhile, the company announced after market hours on Tuesday that it has secured two EPC work orders from Purvah Green Power for projects in Andhra Pradesh. The contracts, valued at Rs 119.96 crore and Rs 177.93 crore respectively, aggregate to approximately Rs 298 crore. The scope of work includes supply, transportation, erection and civil works on a turnkey basis, with execution scheduled to be completed within a period of 10 months.

Ceigall India is an infrastructure engineering, procurement, and construction (EPC) company engaged in the development of highways, expressways, bridges, flyovers, railway overbridges, tunnels, and runways. The company executes projects under EPC as well as Hybrid Annuity Model (HAM) formats and has a strong track record of timely execution across multiple states in India.

On a consolidated basis, net profit of Ceigall India rose 1.24% to Rs 74.11 crore while net sales rose 19.34% to Rs 991.14 crore in Q3 December 2025 over Q3 December 2024.

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